Common use of Base Rent; Additional Rent Clause in Contracts

Base Rent; Additional Rent. (a) Tenant shall pay in advance to CORNERS REALTY CORPORATION, INC., P. O. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇, or at such other place as Landlord shall designate in writing, promptly, without notice, demand, offset or deduction, in lawful money of the United States of America on the first day of each calendar month during the Term: (i) the Base Rent as set forth in Paragraph 1(1) in equal installments in advance of the first day of each calendar month of the Term; and (ii) the additional rent ("Additional Rent") consisting of all other sums of money as shall become due from and be payable by Tenant under this Lease including, but not limited to, those described in Subparagraph 3(b) below (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Base Rent). If the Term commences on a day other than the first day of a month, or terminates on a day other than the last day of a month, the Base Rent for the first and last partial month shall be prorated based upon the actual number of days leased in such month. (b) Beginning June 1, 2003, Tenant shall pay to Landlord, as Additional Rent, at the same time as the monthly installment of Base Rent is paid, an amount equal to one-twelfth (1/12th) of Landlord's estimate (as determined by Landlord in its sole discretion) of Tenant's Share of ay projected increase in Operating Expenses for the particular calendar year in excess of the operating Expense Base (the "Estimated Escalation Increase"). If, for any reason, Landlord has not provided Tenant with an Estimated Escalation Increase Statement ("Estimated Escalation Increase Statement") on or before the first day of any year during the Term, then, (i) until the first day of the calendar month following the month in which Tenant is given the Estimated Escalation Increase Statement, Tenant shall continue to pay to Landlord on the first day of each calendar month the sum, if any, payable by Tenant under this Paragraph for the month of December of the preceding year. Within nine (9) months after January 1 of each year during the Term, or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for the preceding year and the actual amount of Tenant's Share of any increase in Operating Expenses in excess of the operating Expense Base ("Revised Escalation Statement"). Thereafter, Landlord shall be entitled, if circumstances warrant, to issue revised, corrected or supplemental statements at any time and from time to time following the issuance of the initial statement. Within ten (10) days after Landlord's delivery of such Revised Escalation Statement, Tenant shall make a lump sum payment to Landlord in the amount, if any, by which Tenant's Share of the increase in the Operating Expenses for the preceding calendar year in excess of the Operating Expense Base, as shown on such Revised Escalation Statement, exceeds the aggregate of the monthly installments of Tenant's payments of the Estimated Escalation Increase paid during such preceding year. If Tenant's Share of the actual increase in operating Expenses, as shown on such Revised Escalation Statement, is less than the aggregate of the monthly installments of the Estimated Escalation Increase actually paid by Tenant during such preceding year, then Landlord shall apply such amount to the next accruing installments of Additional Rent due from Tenant under this Paragraph 3 until fully credited to Tenant. Landlord's rendering or failure to render any Revised Escalation Statement with respect to any calendar year shall not prejudice Landlord's right thereafter to render a Revised Escalation Statement. Any Revised Escalation Statement shall be conclusively binding upon Tenant unless Tenant shall send written notice to Landlord objecting to and specifying, to the extent reasonably practicable, the respects in which the Revised Escalation Statement is disputed, within thirty (30) days after such Revised Escalation Statement is sent. Pending the resolution of any dispute concerning a Revised Escalation Statement, Tenant shall pay to Landlord the amounts shown on the Revised Escalation Statement when due. (c) For the purposes of this Lease, the term "Operating Expenses" shall mean all expenses and disbursements of every kind (subject to the limitations set forth below) which Landlord incurs, pays or becomes obligated to pay in connection with the ownership, operation and maintenance of the Building and the Park, determined in accordance with generally accepted accounting principles consistently applied, including but not limited to the following: (i) wages and salaries of all employees engaged in the operation, repair, replacement, maintenance and security of the Building, including taxes, insurance, bonuses, pension and benefits relating thereto; (ii) Social Security, unemployment and other payroll taxes, the cost of providing disability and worker's compensation coverage imposed by any requirement, union contract or otherwise of such employees; (iii) all supplies and materials whether purchased or rented, used in the operation, maintenance, repair, replacement and security of the Building, excluding supplies and materials used in the upfit allowance granted to Tenant in Subparagraph 1(s) above; (iv) all expenditures, whether by purchase or lease, made for the Building or Park for the intended purpose of (A) making the building or Park more energy efficient, (B) reducing Operating Expenses, (C) enhancing the health, safety or welfare of the tenants, (D) improving telecommunications, (E) ensuring that no Building System is interrupted by the year 2000 data processing issue, or (F) complying with all applicable laws, rules, ordinances and codes as may be promulgated by any governmental authority enacted after the date of this Lease, the total cost of which is not generally includable in Operating Expenses for the operating year in which they were made shall nevertheless be included in such Operating Expenses for the operating year in which it was made and in Operating Expenses for each succeeding operating year, and such annual expense shall be determined by dividing the original capital expenditure, plus an interest factor computed at the Applicable Rate (as defined below) in effect as the time Landlord made the expenditure, by the number of years of useful life of the expenditure (the useful life being determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of such expenditure); (v) all gas, oil, steam, electricity, water, sewer rental, HVAC and other utilities, other than the cost of utilities directly reimbursed to Landlord (i.e., through submeters or comparable devices) by the Building's tenants; (vi) all insurance costs (including deductibles) applicable to the Park and Landlord's personal property used in connection therewith, including but not limited to casualty, liability, workers' compensation and rent insurance; (vii) all taxes and assessments and governmental charges whether federal, state, county or municipal, and whether they be by taxing or management districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes and assessments attributable to the Building, equipment and facilities, Land and Common Areas of the Park (or their operation), excluding, however, federal and state taxes on income (collectively, "Taxes"), and all expenses, including fees and disbursements incurred by Landlord in contesting the validity or amount of Taxes or in obtaining a refund of Taxes shall be

Appears in 1 contract

Sources: Sublease Agreement (Internet Commerce Corp)

Base Rent; Additional Rent. (a) Tenant The Base Rent and Additional Rent specified in Section 1.1 hereof (collectively, the "Rent"), and any additional rent or other charges payable pursuant to this Sublease shall pay be payable by Sublessee to Sublessor at Sublessor's mailing address (or such other place as Sublessor may from time to time designate by notice to Sublessee). (b) Rent shall be payable, in advance advance, on or before the twenty-fifth (25th) day of each and every calendar month during the term of this Sublease. Sublessor shall promptly deliver to CORNERS REALTY CORPORATIONSublessee (i) a copy of the year end statement of operating expenses that Sublessor receives from Prime Lessor as provided in Section 5.3 of the Prime Lease, INC., P. O. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇and (ii) a copy of each tax ▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇received by Sublessor from Prime Lessor as provided in Section 5.4.3 of the Prime Lease. Promptly after Sublessor and Prime Lessor have made the appropriate adjustments between themselves on account of such actual operating expenses and real estate taxes, the amounts paid by Sublessee as Sublessee's Share of such estimated installments shall be adjusted between Sublessor and Sublessee. The parties obligations hereunder to make such adjustments shall survive the expiration or termination of this Sublease. (c) Rent for any partial month shall be paid by Sublessee to Sublessor at such rate on a prorata basis. Other charges payable by Sublessee on a monthly basis, as hereinafter provided, shall likewise be prorated. All Rent and other place as Landlord amounts due under this Sublease shall designate in writing, promptly, be made without notice, demand, offset or deduction, in lawful money . Sublessee shall be entitled to a fair and equitable share of the United States of America on the first day of each calendar month during the Term: (i) the Base Rent as all rent abatements set forth in Paragraph 1(1) in equal installments in advance of the first day of each calendar month of the Term; and (ii) the additional rent ("Additional Rent") consisting of all other sums of money as shall become due from and be payable by Tenant under this Prime Lease including, but not limited to, those described in Subparagraph 3(b) below (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Base Rent). If the Term commences on a day other than the first day of a month, or terminates on a day other than the last day of a month, the Base Rent for the first and last partial month shall be prorated based upon the actual number of days leased in such month. (b) Beginning June 1, 2003, Tenant shall pay to Landlord, as Additional Rent, at the same time as the monthly installment of Base Rent is paid, an amount equal to one-twelfth (1/12th) of Landlord's estimate (as determined by Landlord in its sole discretion) of Tenant's Share of ay projected increase in Operating Expenses for the particular calendar year in excess of the operating Expense Base (the "Estimated Escalation Increase"). If, for any reason, Landlord Sublessor has not provided Tenant with an Estimated Escalation Increase Statement ("Estimated Escalation Increase Statement") on or before the first day of any year during the Term, then, (i) until the first day of the calendar month following the month in which Tenant is given the Estimated Escalation Increase Statement, Tenant shall continue to pay to Landlord on the first day of each calendar month the sum, if any, payable by Tenant under this Paragraph for the month of December of the preceding year. Within nine (9) months after January 1 of each year during the Term, or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for the preceding year and the actual amount of Tenant's Share of any increase in Operating Expenses in excess of the operating Expense Base ("Revised Escalation Statement"). Thereafter, Landlord shall be entitled, if circumstances warrant, to issue revised, corrected or supplemental statements at any time and from time to time following the issuance of the initial statement. Within ten (10) days after Landlord's delivery of such Revised Escalation Statement, Tenant shall make a lump sum payment to Landlord in the amount, if any, by which Tenant's Share of the increase in the Operating Expenses for the preceding calendar year in excess of the Operating Expense Base, as shown on such Revised Escalation Statement, exceeds the aggregate of the monthly installments of Tenant's payments of the Estimated Escalation Increase paid during such preceding year. If Tenant's Share of the actual increase in operating Expenses, as shown on such Revised Escalation Statement, is less than the aggregate of the monthly installments of the Estimated Escalation Increase actually paid by Tenant during such preceding year, then Landlord shall apply such amount to the next accruing installments of Additional Rent due from Tenant under this Paragraph 3 until fully credited to Tenant. Landlord's rendering or failure to render any Revised Escalation Statement been granted with respect to any calendar year shall not prejudice Landlord's right thereafter to render a Revised Escalation Statement. Any Revised Escalation Statement shall be conclusively binding upon Tenant unless Tenant shall send written notice to Landlord objecting to and specifying, to the extent reasonably practicable, the respects in which the Revised Escalation Statement is disputed, within thirty (30) days after such Revised Escalation Statement is sent. Pending the resolution of any dispute concerning a Revised Escalation Statement, Tenant shall pay to Landlord the amounts shown on the Revised Escalation Statement when duePremises. (c) For the purposes of this Lease, the term "Operating Expenses" shall mean all expenses and disbursements of every kind (subject to the limitations set forth below) which Landlord incurs, pays or becomes obligated to pay in connection with the ownership, operation and maintenance of the Building and the Park, determined in accordance with generally accepted accounting principles consistently applied, including but not limited to the following: (i) wages and salaries of all employees engaged in the operation, repair, replacement, maintenance and security of the Building, including taxes, insurance, bonuses, pension and benefits relating thereto; (ii) Social Security, unemployment and other payroll taxes, the cost of providing disability and worker's compensation coverage imposed by any requirement, union contract or otherwise of such employees; (iii) all supplies and materials whether purchased or rented, used in the operation, maintenance, repair, replacement and security of the Building, excluding supplies and materials used in the upfit allowance granted to Tenant in Subparagraph 1(s) above; (iv) all expenditures, whether by purchase or lease, made for the Building or Park for the intended purpose of (A) making the building or Park more energy efficient, (B) reducing Operating Expenses, (C) enhancing the health, safety or welfare of the tenants, (D) improving telecommunications, (E) ensuring that no Building System is interrupted by the year 2000 data processing issue, or (F) complying with all applicable laws, rules, ordinances and codes as may be promulgated by any governmental authority enacted after the date of this Lease, the total cost of which is not generally includable in Operating Expenses for the operating year in which they were made shall nevertheless be included in such Operating Expenses for the operating year in which it was made and in Operating Expenses for each succeeding operating year, and such annual expense shall be determined by dividing the original capital expenditure, plus an interest factor computed at the Applicable Rate (as defined below) in effect as the time Landlord made the expenditure, by the number of years of useful life of the expenditure (the useful life being determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of such expenditure); (v) all gas, oil, steam, electricity, water, sewer rental, HVAC and other utilities, other than the cost of utilities directly reimbursed to Landlord (i.e., through submeters or comparable devices) by the Building's tenants; (vi) all insurance costs (including deductibles) applicable to the Park and Landlord's personal property used in connection therewith, including but not limited to casualty, liability, workers' compensation and rent insurance; (vii) all taxes and assessments and governmental charges whether federal, state, county or municipal, and whether they be by taxing or management districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes and assessments attributable to the Building, equipment and facilities, Land and Common Areas of the Park (or their operation), excluding, however, federal and state taxes on income (collectively, "Taxes"), and all expenses, including fees and disbursements incurred by Landlord in contesting the validity or amount of Taxes or in obtaining a refund of Taxes shall be

Appears in 1 contract

Sources: Sublease (Dyax Corp)

Base Rent; Additional Rent. (a) Tenant shall pay in advance to CORNERS REALTY CORPORATION, INC., P. O. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇, or at such other place as Landlord shall designate in writing, promptly, without notice, demand, offset or deduction, in lawful money of the United States of America on the first day of each calendar month during the Term: (i) the Base Rent as set forth in Paragraph 1(1) in equal installments in advance of the first day of each calendar month of the Term; and (ii) the additional rent ("Additional Rent") consisting of all other sums of money as shall become due from and be payable by Tenant under this Lease including, but not limited to, those described in Subparagraph 3(b) below (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Base Rent). If During the Term commences on a day other than the first day of a monththis Sublease, or terminates on a day other than the last day of a month, the Base Rent for the first and last partial month shall be prorated based upon the actual number of days leased in such month. (b) Beginning June 1, 2003, Tenant Subtenant shall pay to Landlord, Sublandlord as Additional Rent, at monthly rent for the same time as the monthly installment of Base Rent is paid, Subleased Premises an amount equal to one-twelfth (1/12th) of Landlord's estimate the product of (i) the total rentable square feet within the Subleased Premises as determined by Landlord in its sole discretionit exists from time to time hereunder, times (ii) of Tenant's Share of ay projected increase in Operating Expenses an amount equal to Five Dollars ($5.00) less than applicable "Annual Base Rent Per RSF" for the particular calendar year period in excess question as set forth in the Commencement Letter dated April 21, 2006 (a copy of the operating Expense Base which is included within Exhibit A) (the "Estimated Escalation IncreaseMonthly Base Rent"). IfTenant shall also pay "Additional Rent" (calculated and defined as set forth in the Prime Lease) with respect to and based on the rentable square feet from time to time within the Subleased Premises relative to the aggregate rentable square feet within the Leased Premises (as defined above) (Monthly Base Rent, together with Additional Rent, are referred to collectively as "Rent"). So long as Sublandlord is not in default under this Sublease, Subtenant shall have no rights of offset, abatement or deduction for any reason, Landlord has not provided Tenant and shall have no right to prior notice or demand, with an Estimated Escalation Increase Statement ("Estimated Escalation Increase Statement") on or before the first day respect to payments of Rent to Sublandlord. Rent for any year period during the Term, then, (i) until the first day of the calendar month following the month in Term hereof which Tenant is given the Estimated Escalation Increase Statement, Tenant shall continue to pay to Landlord on the first day of each calendar month the sum, if any, payable by Tenant under this Paragraph for the month of December of the preceding year. Within nine (9) months after January 1 of each year during the Term, or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for the preceding year and the actual amount of Tenant's Share of any increase in Operating Expenses in excess of the operating Expense Base ("Revised Escalation Statement"). Thereafter, Landlord shall be entitled, if circumstances warrant, to issue revised, corrected or supplemental statements at any time and from time to time following the issuance of the initial statement. Within ten (10) days after Landlord's delivery of such Revised Escalation Statement, Tenant shall make a lump sum payment to Landlord in the amount, if any, by which Tenant's Share of the increase in the Operating Expenses for the preceding calendar year in excess of the Operating Expense Base, as shown on such Revised Escalation Statement, exceeds the aggregate of the monthly installments of Tenant's payments of the Estimated Escalation Increase paid during such preceding year. If Tenant's Share of the actual increase in operating Expenses, as shown on such Revised Escalation Statement, is less than the aggregate of the monthly installments of the Estimated Escalation Increase actually paid by Tenant during such preceding year, then Landlord shall apply such amount to the next accruing installments of Additional Rent due from Tenant under this Paragraph 3 until fully credited to Tenant. Landlord's rendering or failure to render any Revised Escalation Statement with respect to any calendar year shall not prejudice Landlord's right thereafter to render a Revised Escalation Statement. Any Revised Escalation Statement one month shall be conclusively binding upon Tenant unless Tenant shall send written notice prorated for such month. Sublandlord and Subtenant agree to Landlord objecting to prorate any accrued and specifying, to the extent reasonably practicable, the respects in which the Revised Escalation Statement is disputed, within thirty (30) days after such Revised Escalation Statement is sent. Pending the resolution of any dispute concerning a Revised Escalation Statement, Tenant shall pay to Landlord the amounts shown on the Revised Escalation Statement when due. (c) For the purposes of this Lease, the term "Operating Expenses" shall mean all unpaid expenses and disbursements of every kind (subject to the limitations set forth below) which Landlord incursany prepaid expenses, pays or becomes obligated to pay in connection with the ownership, operation and maintenance of the Building and the Park, determined in accordance with generally accepted accounting principles consistently applied, including but not limited to the following: (i) wages and salaries of all employees engaged in the operation, repair, replacement, maintenance and security of the Building, including taxes, insurance, bonuses, pension and benefits relating thereto; (ii) Social Security, unemployment and other payroll taxes, the cost of providing disability and worker's compensation coverage imposed by any requirement, union contract or otherwise of such employees; (iii) all supplies and materials whether purchased or rented, used in the operation, maintenance, repair, replacement and security of the Building, excluding supplies and materials used in the upfit allowance granted to Tenant in Subparagraph 1(s) above; (iv) all expenditures, whether by purchase or lease, made for the Building or Park for the intended purpose of (A) making the building or Park more energy efficient, (B) reducing Operating Expenses, (C) enhancing the health, safety or welfare of the tenants, (D) improving telecommunications, (E) ensuring that no Building System is interrupted by the year 2000 data processing issue, or (F) complying with all applicable laws, rules, ordinances and codes as may be promulgated by any governmental authority enacted after the date of this Lease, the total cost of which is not generally includable in Operating Expenses for the operating year in which they were made shall nevertheless be included in such Operating Expenses for the operating year in which it was made and in Operating Expenses for each succeeding operating year, and such annual expense shall be determined by dividing the original capital expenditure, plus an interest factor computed at the Applicable Rate (as defined below) in effect as the time Landlord made the expenditure, by based on the number of years days Sublandlord and Subtenant, respectively, have a right to occupy the Subleased Premises. Subtenant does not assume any liability or obligation of useful life of Sublandlord arising under the expenditure (the useful life being determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of such expenditure); (v) all gas, oil, steam, electricity, water, sewer rental, HVAC and other utilities, other than the cost of utilities directly reimbursed to Landlord (i.e., through submeters or comparable devices) by the Building's tenants; (vi) all insurance costs (including deductibles) applicable Prime Lease prior to the Park and Landlord's personal property used in connection therewith, including but not limited to casualty, liability, workers' compensation and rent insurance; (vii) Effective Date. Subtenant shall make all taxes and assessments and governmental charges whether federal, state, county payments of Rent or municipal, and whether they be by taxing or management districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes and assessments attributable amounts due hereunder directly to the Building, equipment Sublandlord and facilities, Land not the Owner under the Prime Lease or its permitted successors and Common Areas of the Park (or their operation), excluding, however, federal and state taxes on income (collectively, "Taxes"), and all expenses, including fees and disbursements incurred by Landlord in contesting the validity or amount of Taxes or in obtaining a refund of Taxes shall beassigns.

Appears in 1 contract

Sources: Sublease Agreement (Voyager Learning CO)

Base Rent; Additional Rent. 6.1.1 Base Rent shall be in the amount specified in Section 1.1 hereof. Base Rent as provided herein shall be absolutely net to Sublandlord, with Subtenant paying all other charges with respect to the Premises as Additional Rent (as herein after defined). Subtenant shall pay as additional rent hereunder (collectively, “Additional Rent”): (a) Tenant shall pay Subtenant’s Share of all amounts in advance the nature of passthroughs of operating expenses, insurance charges, taxes and charges for utility usage payable by Sublandlord as tenant under the Prime Lease to CORNERS REALTY CORPORATIONthe Prime Landlord attributable generally to the Building or the Leased Premises under the Prime Lease, INC.including the Premises, P. O. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇, or at such other place as Landlord shall designate in writing, promptlyspecifically including, without noticelimitation, demand, offset or deduction, in lawful money all amounts paid by Sublandlord to Prime Landlord under Article IV of the United States of America on the first day of each calendar month during the Term: (i) the Base Rent as set forth in Paragraph 1(1) in equal installments in advance of the first day of each calendar month of the Term; and (ii) the additional rent ("Additional Rent") consisting of all other sums of money as shall become due from and be payable by Tenant under this Lease including, but not limited to, those described in Subparagraph 3(b) below (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Base Rent). If the Term commences on a day other than the first day of a month, or terminates on a day other than the last day of a month, the Base Rent for the first and last partial month shall be prorated based upon the actual number of days leased in such month. (b) Beginning June 1, 2003, Tenant shall pay to Landlord, as Additional Rent, at the same time as the monthly installment of Base Rent is paid, an amount equal to one-twelfth (1/12th) of Landlord's estimate (as determined by Landlord in its sole discretion) of Tenant's Share of ay projected increase in Operating Expenses for the particular calendar year in excess of the operating Expense Base (the "Estimated Escalation Increase"). If, for any reason, Landlord has not provided Tenant with an Estimated Escalation Increase Statement ("Estimated Escalation Increase Statement") on or before the first day of any year during the Term, then, (i) until the first day of the calendar month following the month in which Tenant is given the Estimated Escalation Increase Statement, Tenant shall continue to pay to Landlord on the first day of each calendar month the sum, if any, payable by Tenant under this Paragraph for the month of December of the preceding year. Within nine (9) months after January 1 of each year during the Term, or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for the preceding year and the actual amount of Tenant's Share of any increase in Operating Expenses in excess of the operating Expense Base ("Revised Escalation Statement"). Thereafter, Landlord shall be entitled, if circumstances warrant, to issue revised, corrected or supplemental statements at any time and from time to time following the issuance of the initial statement. Within ten (10) days after Landlord's delivery of such Revised Escalation Statement, Tenant shall make a lump sum payment to Landlord in the amount, if any, by which Tenant's Share of the increase in the Operating Expenses for the preceding calendar year in excess of the Operating Expense Base, as shown on such Revised Escalation Statement, exceeds the aggregate of the monthly installments of Tenant's payments of the Estimated Escalation Increase paid during such preceding year. If Tenant's Share of the actual increase in operating Expenses, as shown on such Revised Escalation Statement, is less than the aggregate of the monthly installments of the Estimated Escalation Increase actually paid by Tenant during such preceding year, then Landlord shall apply such amount to the next accruing installments of Additional Rent due from Tenant under this Paragraph 3 until fully credited to Tenant. Landlord's rendering or failure to render any Revised Escalation Statement with respect to any calendar year shall not prejudice Landlord's right thereafter to render a Revised Escalation Statement. Any Revised Escalation Statement shall be conclusively binding upon Tenant unless Tenant shall send written notice to Landlord objecting to and specifying, to the extent reasonably practicable, the respects in which the Revised Escalation Statement is disputed, within thirty (30) days after such Revised Escalation Statement is sent. Pending the resolution of any dispute concerning a Revised Escalation Statement, Tenant shall pay to Landlord the amounts shown on the Revised Escalation Statement when due. (c) For the purposes of this Prime Lease, the term "Operating Expenses" shall mean all expenses and disbursements of every kind (subject to the limitations set forth below) which Landlord incurs, pays or becomes obligated to pay in connection with the ownership, operation and maintenance of the Building and the Park, determined in accordance with generally accepted accounting principles consistently applied, including but not limited to taxes, insurance payments, operating and maintenance expenses, utilities payments, linkage and the like (in that regard, Sublandlord shall deliver to Subtenant a copy of the annual statement of operating expenses received by. Sublandlord from Prime Landlord under Article IV Section 4 of the Prime Lease); (b) Subtenant’s Share of all charges and costs attributable to the Leased Premises under the Prime Lease which are also allocable to the Premises hereunder under Article IV of the Prime Lease or otherwise (including, without limitation charges and costs relating to utilities or to cleaning, maintenance, repair and replacement of the kitchen and dining areas and the shower and locker facilities); (c) any expenses, taxes, insurance charges, and utility charges that are (i) incurred by Sublandlord in connection with its providing of those utilities, maintenance and repair services required to be provided by Sublandlord under the terms of this Sublease and (ii) applicable exclusively to the Premises; (d) any additional costs incurred by Sublandlord in connection with its provision of those utilities, maintenance and repairs which Sublandlord is required under the terms of this Sublease to provide to the Premises for which Sublandlord is responsible for as the Tenant under the Prime Lease and (e) any additional rent or other charges payable pursuant to this Sublease. Such Additional Rent shall exclude however, the following: (ia) wages costs attributable solely to those portions of the Leased Premises retained by Sublandlord and salaries of all employees engaged not to the Premises demised hereunder; (b) costs payable by Sublandlord as tenant under the Prime Lease in the operationnature of late penalties or interest, repairdamages payable on account of tenant defaults, replacementaccelerated rents or charges except to the extent any such costs are incurred in connection with a default by Subtenant under this Sublease; and (c) any costs for utilities or the like that are separately metered to the Premises and that Subtenant pays directly to the utility company or service provider. Base Rent and Additional Rent are referred to herein collectively as “Rent”. Rent shall be payable by Subtenant to Sublandlord at Sublandlord’s mailing address (or such other place as Sublandlord may from time to time designate by written notice to Subtenant). 6.1.2 Commencing on the Rent Commencement Date and continuing throughout the Sublease Term, maintenance monthly installments of Base Rent shall be payable, in advance, on or before the first (1st) day of each and security every calendar month during the Term of this Sublease. Additional Rent shall be payable, in advance, on or before the Building, including taxes, insurance, bonuses, pension first (1st) day of each and benefits relating thereto; (ii) Social Security, unemployment every calendar month during the Sublease Term. Promptly after Sublandlord and other payroll Prime Landlord have made the appropriate adjustments between themselves on account of actual operating expenses and real estate taxes, the cost of providing disability and worker's compensation coverage imposed amounts paid by any requirement, union contract or otherwise Subtenant as Subtenant’s Share of such employees; (iii) estimated installments shall be adjusted between Sublandlord and Subtenant. The parties obligations hereunder to make such adjustments shall survive the expiration or termination of this Sublease. 6.1.3 Rent for any partial month shall be paid by Subtenant to Sublandlord at such rate on a prorata basis. Other charges payable by Subtenant on a monthly basis, as hereinafter provided, shall likewise be prorated. All Rent and other amounts due under this Sublease shall be made without demand, offset or deduction. Subtenant shall be entitled to a fair and equitable share of all supplies and materials whether purchased or rented, used rent abatements set forth in the operation, maintenance, repair, replacement and security of the Building, excluding supplies and materials used in the upfit allowance Prime Lease which Sublandlord has been granted to Tenant in Subparagraph 1(s) above; (iv) all expenditures, whether by purchase or lease, made for the Building or Park for the intended purpose of (A) making the building or Park more energy efficient, (B) reducing Operating Expenses, (C) enhancing the health, safety or welfare of the tenants, (D) improving telecommunications, (E) ensuring that no Building System is interrupted by the year 2000 data processing issue, or (F) complying with all applicable laws, rules, ordinances and codes as may be promulgated by any governmental authority enacted after the date of this Lease, the total cost of which is not generally includable in Operating Expenses for the operating year in which they were made shall nevertheless be included in such Operating Expenses for the operating year in which it was made and in Operating Expenses for each succeeding operating year, and such annual expense shall be determined by dividing the original capital expenditure, plus an interest factor computed at the Applicable Rate (as defined below) in effect as the time Landlord made the expenditure, by the number of years of useful life of the expenditure (the useful life being determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of such expenditure); (v) all gas, oil, steam, electricity, water, sewer rental, HVAC and other utilities, other than the cost of utilities directly reimbursed to Landlord (i.e., through submeters or comparable devices) by the Building's tenants; (vi) all insurance costs (including deductibles) applicable respect to the Park and Landlord's personal property used in connection therewith, including but not limited to casualty, liability, workers' compensation and rent insurance; (vii) all taxes and assessments and governmental charges whether federal, state, county or municipal, and whether they be by taxing or management districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes and assessments attributable to the Building, equipment and facilities, Land and Common Areas of the Park (or their operation), excluding, however, federal and state taxes on income (collectively, "Taxes"), and all expenses, including fees and disbursements incurred by Landlord in contesting the validity or amount of Taxes or in obtaining a refund of Taxes shall bePremises.

Appears in 1 contract

Sources: Sublease (Coley Pharmaceutical Group, Inc.)

Base Rent; Additional Rent. (a) Tenant shall pay in advance to CORNERS REALTY CORPORATION, INC., P. O. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇, or at such other place as Landlord shall designate in writing, promptly, without notice, demand, offset or deduction, in lawful money of the United States of America on the first day of each calendar month during the Term: (i) the Base Rent as set forth in Paragraph 1(1) in equal installments in advance of the first day of each calendar month of the Term; and (ii) the additional rent ("Additional Rent") consisting of all other sums of money as shall become due from and be payable by Tenant under this Lease including, but not limited to, those described in Subparagraph 3(b) below (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Base Rent)1. If During the Term commences on a day other than the first day of a monththis Sublease, or terminates on a day other than the last day of a month, the Base Rent for the first and last partial month shall be prorated based upon the actual number of days leased in such month. (b) Beginning June 1, 2003, Tenant Subtenant shall pay to Landlord, Sublandlord as Additional Rent, at monthly rent for the same time as the monthly installment of Base Rent is paid, Subleased Premises an amount equal to one-twelfth (1/12th) of Landlord's estimate the product of (i) the total rentable square feet within the Subleased Premises as it exists from time to time hereunder, times (ii) an amount equal to Five Dollars ($5.00) less than applicable “Annual Base Rent Per RSF” for the period in question as set forth in the Commencement Letter dated April 21, 2006 (a copy of which is included within Exhibit A) (the “Monthly Base Rent”). Tenant shall also pay “Additional Rent” (calculated and defined as set forth in the Prime Lease) with respect to and based on the rentable square feet from time to time within the Subleased Premises relative to the aggregate rentable square feet within the Leased Premises (as determined by Landlord in its sole discretiondefined above) of Tenant's Share of ay projected increase in Operating Expenses for the particular calendar year in excess of the operating Expense (Monthly Base (the "Estimated Escalation Increase"Rent, together with Additional Rent, are referred to collectively as “Rent”). IfSo long as Sublandlord is not in default under this Sublease, Subtenant shall have no rights of offset, abatement or deduction for any reason, Landlord has not provided Tenant and shall have no right to prior notice or demand, with an Estimated Escalation Increase Statement ("Estimated Escalation Increase Statement") on or before the first day respect to payments of Rent to Sublandlord. Rent for any year period during the Term, then, (i) until the first day of the calendar month following the month in Term hereof which Tenant is given the Estimated Escalation Increase Statement, Tenant shall continue to pay to Landlord on the first day of each calendar month the sum, if any, payable by Tenant under this Paragraph for the month of December of the preceding year. Within nine (9) months after January 1 of each year during the Term, or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for the preceding year and the actual amount of Tenant's Share of any increase in Operating Expenses in excess of the operating Expense Base ("Revised Escalation Statement"). Thereafter, Landlord shall be entitled, if circumstances warrant, to issue revised, corrected or supplemental statements at any time and from time to time following the issuance of the initial statement. Within ten (10) days after Landlord's delivery of such Revised Escalation Statement, Tenant shall make a lump sum payment to Landlord in the amount, if any, by which Tenant's Share of the increase in the Operating Expenses for the preceding calendar year in excess of the Operating Expense Base, as shown on such Revised Escalation Statement, exceeds the aggregate of the monthly installments of Tenant's payments of the Estimated Escalation Increase paid during such preceding year. If Tenant's Share of the actual increase in operating Expenses, as shown on such Revised Escalation Statement, is less than the aggregate of the monthly installments of the Estimated Escalation Increase actually paid by Tenant during such preceding year, then Landlord shall apply such amount to the next accruing installments of Additional Rent due from Tenant under this Paragraph 3 until fully credited to Tenant. Landlord's rendering or failure to render any Revised Escalation Statement with respect to any calendar year shall not prejudice Landlord's right thereafter to render a Revised Escalation Statement. Any Revised Escalation Statement one month shall be conclusively binding upon Tenant unless Tenant shall send written notice prorated for such month. Sublandlord and Subtenant agree to Landlord objecting to prorate any accrued and specifying, to the extent reasonably practicable, the respects in which the Revised Escalation Statement is disputed, within thirty (30) days after such Revised Escalation Statement is sent. Pending the resolution of any dispute concerning a Revised Escalation Statement, Tenant shall pay to Landlord the amounts shown on the Revised Escalation Statement when due. (c) For the purposes of this Lease, the term "Operating Expenses" shall mean all unpaid expenses and disbursements of every kind (subject to the limitations set forth below) which Landlord incursany prepaid expenses, pays or becomes obligated to pay in connection with the ownership, operation and maintenance of the Building and the Park, determined in accordance with generally accepted accounting principles consistently applied, including but not limited to the following: (i) wages and salaries of all employees engaged in the operation, repair, replacement, maintenance and security of the Building, including taxes, insurance, bonuses, pension and benefits relating thereto; (ii) Social Security, unemployment and other payroll taxes, the cost of providing disability and worker's compensation coverage imposed by any requirement, union contract or otherwise of such employees; (iii) all supplies and materials whether purchased or rented, used in the operation, maintenance, repair, replacement and security of the Building, excluding supplies and materials used in the upfit allowance granted to Tenant in Subparagraph 1(s) above; (iv) all expenditures, whether by purchase or lease, made for the Building or Park for the intended purpose of (A) making the building or Park more energy efficient, (B) reducing Operating Expenses, (C) enhancing the health, safety or welfare of the tenants, (D) improving telecommunications, (E) ensuring that no Building System is interrupted by the year 2000 data processing issue, or (F) complying with all applicable laws, rules, ordinances and codes as may be promulgated by any governmental authority enacted after the date of this Lease, the total cost of which is not generally includable in Operating Expenses for the operating year in which they were made shall nevertheless be included in such Operating Expenses for the operating year in which it was made and in Operating Expenses for each succeeding operating year, and such annual expense shall be determined by dividing the original capital expenditure, plus an interest factor computed at the Applicable Rate (as defined below) in effect as the time Landlord made the expenditure, by based on the number of years days Sublandlord and Subtenant, respectively, have a right to occupy the Subleased Premises. Subtenant does not assume any liability or obligation of useful life of Sublandlord arising under the expenditure (the useful life being determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of such expenditure); (v) all gas, oil, steam, electricity, water, sewer rental, HVAC and other utilities, other than the cost of utilities directly reimbursed to Landlord (i.e., through submeters or comparable devices) by the Building's tenants; (vi) all insurance costs (including deductibles) applicable Prime Lease prior to the Park and Landlord's personal property used in connection therewith, including but not limited to casualty, liability, workers' compensation and rent insurance; (vii) all taxes and assessments and governmental charges whether federal, state, county or municipal, and whether they be by taxing or management districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes and assessments attributable to the Building, equipment and facilities, Land and Common Areas of the Park (or their operation), excluding, however, federal and state taxes on income (collectively, "Taxes"), and all expenses, including fees and disbursements incurred by Landlord in contesting the validity or amount of Taxes or in obtaining a refund of Taxes shall beEffective Date.

Appears in 1 contract

Sources: Sublease Agreement (Voyager Learning CO)

Base Rent; Additional Rent. 6.1.1 The Base Rent and Additional Rent specified in Section 1.1, above (atogether, “Rent”) Tenant shall pay be payable by Sublessee to Sublessor at the mailing address of Sublessor set forth in advance to CORNERS REALTY CORPORATION, INC., P. O. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇, Section 1.1 (or at such other place as Landlord Sublessor may from time to time designate by notice to Sublessee). 6.1.2 Rent shall designate in writing, promptly, without notice, demand, offset or deductionbe payable, in lawful money of the United States of America on the first day of each calendar month during the Term: (i) the Base Rent as set forth in Paragraph 1(1) in equal installments in advance of the first day of each calendar month of the Term; and (ii) the additional rent ("Additional Rent") consisting of all other sums of money as shall become due from and be payable by Tenant under this Lease includingadvance, but not limited to, those described in Subparagraph 3(b) below (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Base Rent). If the Term commences on a day other than the first day of a month, or terminates on a day other than the last day of a month, the Base Rent for the first and last partial month shall be prorated based upon the actual number of days leased in such month. (b) Beginning June 1, 2003, Tenant shall pay to Landlord, as Additional Rent, at the same time as the monthly installment of Base Rent is paid, an amount equal to one-twelfth (1/12th) of Landlord's estimate (as determined by Landlord in its sole discretion) of Tenant's Share of ay projected increase in Operating Expenses for the particular calendar year in excess of the operating Expense Base (the "Estimated Escalation Increase"). If, for any reason, Landlord has not provided Tenant with an Estimated Escalation Increase Statement ("Estimated Escalation Increase Statement") on or before the first day of any year during the Term, then, (i1st) until the first day of the calendar month following the month in which Tenant is given the Estimated Escalation Increase Statement, Tenant shall continue to pay to Landlord on the first day of each and every calendar month during the sumTerm of this Sublease; provided, if anyhowever, that no Base Rent shall be due or payable by Tenant under this Paragraph for the period of time prior to the Rent Commencement Date specified in Section 1.1, above. Rent for any partial month of December of the preceding year. Within nine (9) months after January 1 of each year during the Term, or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for the preceding year and the actual amount of Tenant's Share of any increase in Operating Expenses in excess of the operating Expense Base ("Revised Escalation Statement"). Thereafter, Landlord shall be entitled, if circumstances warrant, to issue revised, corrected or supplemental statements at any time and from time to time following the issuance of the initial statement. Within ten (10) days after Landlord's delivery of such Revised Escalation Statement, Tenant shall make a lump sum payment to Landlord in the amount, if any, by which Tenant's Share of the increase in the Operating Expenses for the preceding calendar year in excess of the Operating Expense Base, as shown on such Revised Escalation Statement, exceeds the aggregate of the monthly installments of Tenant's payments of the Estimated Escalation Increase paid during such preceding year. If Tenant's Share of the actual increase in operating Expenses, as shown on such Revised Escalation Statement, is less than the aggregate of the monthly installments of the Estimated Escalation Increase actually paid by Tenant during such preceding year, then Landlord shall apply such amount Sublessee to the next accruing installments Sublessor on a pro rata basis. 6.1.3 For purposes of Additional Rent due from Tenant under this Paragraph 3 until fully credited to Tenant. Landlord's rendering or failure to render any Revised Escalation Statement with respect to any calendar year shall not prejudice Landlord's right thereafter to render a Revised Escalation Statement. Any Revised Escalation Statement shall be conclusively binding upon Tenant unless Tenant shall send written notice to Landlord objecting to and specifyingSublessee hereunder, to the extent reasonably practicable, the respects in which the Revised Escalation Statement is disputed, within thirty (30) days after such Revised Escalation Statement is sent. Pending the resolution of any dispute concerning a Revised Escalation Statement, Tenant shall pay to Landlord the amounts shown on the Revised Escalation Statement when due. (c) For the purposes of this Lease, the term "Operating Expenses" shall mean all expenses and disbursements of every kind (subject to the limitations set forth below) which Landlord incurs, pays or becomes obligated to pay in connection with the ownership, operation and maintenance Exhibit B of the Building and the ParkPrime Lease shall apply, determined in accordance with generally accepted accounting principles consistently applied, including but not limited to the followingexcept that: (i) wages Sublessee shall be liable for Sublessee’s Share of Expenses from and salaries of all employees engaged in after January 1, 2022, and only to the operation, repair, replacement, maintenance and security of extent such Expenses (including without limitation any estimated Expenses) exceed the Building, including taxes, insurance, bonuses, pension and benefits relating theretoactual Expenses for calendar year 2021 (the “Base Year for Expenses”); (ii) Social SecuritySublessee shall be liable for Sublessee’s Share of Taxes from and after July 1, unemployment 2021, and other payroll taxesonly to the extent such Taxes (including without limitation any estimated Taxes) exceed the actual Taxes for Fiscal Year 2021 (i.e., July 1, 2020 to June 30, 2021) (the cost of providing disability “Base Year for Taxes”); and worker's compensation coverage imposed by any requirement, union contract or otherwise of such employees; (iii) all supplies and materials whether purchased or rentednotwithstanding anything in this Sublease to the contrary, wherever the term “Landlord” is used in the operation, maintenance, repair, replacement and security Exhibit B of the BuildingPrime Lease in connection with Landlord’s discretion or the calculation Expenses and Taxes, excluding supplies and materials used in such term shall be deemed to refer to Prime Lessor. Commencing on January 1, 2022 (following the upfit allowance granted expiration of the Base Year for Expenses), Sublessee shall pay to Tenant in Subparagraph 1(s) above; (iv) all expenditures, whether by purchase or lease, made Sublessor Sublessee’s Share of Expenses due from Sublessor under the Prime Lease that exceed the Base Year for the Building or Park for the intended purpose of (A) making the building or Park more energy efficient, (B) reducing Operating Expenses, and commencing on July 1, 2021 (C) enhancing the health, safety or welfare following expiration of the tenantsBase Year for Taxes), Sublessee shall pay to Sublessor Sublessee’s Share of Taxes due from Sublessor under the Prime Lease that exceed the Base Year for Taxes. For the avoidance of doubt, Sublessor shall have no obligation to prepare any estimate or statement pursuant to Exhibit B of the Prime Lease, but shall provide Sublessee with a copy of any such estimate or statement prepared by Prime Lessor promptly upon Sublessor’s receipt thereof. If Sublessee disputes such statement setting forth the grounds of the dispute, Sublessor shall also dispute the statement on the same grounds or additional grounds, if any, that Sublessor may have; provided that Sublessee shall indemnify, defend, and hold Sublessor harmless from and against any and all liabilities, losses, obligations, damages, penalties, claims, costs, and expenses (Dincluding reasonable attorneys’ fees and disbursements) improving telecommunicationswhich are paid, (E) ensuring that no Building System is interrupted by the year 2000 data processing issuesuffered, or (F) complying with all applicable lawsincurred by Sublessor as a result of any such dispute. 1.1.1 Promptly after Sublessor and Prime Lessor have made the appropriate adjustments between themselves on account of such actual Expenses and Taxes, rules, ordinances the amounts paid by Sublessee as Sublessee’s Share of such estimated installments of Expenses or Taxes shall be adjusted between Sublessor and codes as may be promulgated by any governmental authority enacted after Sublessee. The parties’ obligations hereunder to make such adjustments shall survive the date expiration or termination of this Lease, the total cost of which is not generally includable in Operating Expenses for the operating year in which they were made shall nevertheless be included in such Operating Expenses for the operating year in which it was made and in Operating Expenses for each succeeding operating year, and such annual expense shall be determined by dividing the original capital expenditure, plus an interest factor computed at the Applicable Rate (as defined below) in effect as the time Landlord made the expenditure, by the number of years of useful life of the expenditure (the useful life being determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of such expenditure); (v) all gas, oil, steam, electricity, water, sewer rental, HVAC and other utilities, other than the cost of utilities directly reimbursed to Landlord (i.e., through submeters or comparable devices) by the Building's tenants; (vi) all insurance costs (including deductibles) applicable to the Park and Landlord's personal property used in connection therewith, including but not limited to casualty, liability, workers' compensation and rent insurance; (vii) all taxes and assessments and governmental charges whether federal, state, county or municipal, and whether they be by taxing or management districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes and assessments attributable to the Building, equipment and facilities, Land and Common Areas of the Park (or their operation), excluding, however, federal and state taxes on income (collectively, "Taxes"), and all expenses, including fees and disbursements incurred by Landlord in contesting the validity or amount of Taxes or in obtaining a refund of Taxes shall beSublease.

Appears in 1 contract

Sources: Sublease (Adicet Bio, Inc.)

Base Rent; Additional Rent. 6.1.1 The Base Rent and Additional Rent specified in Section 1.1 hereof (a) Tenant collectively, the “Rent”), and any additional rent or other charges payable pursuant to this Sublease shall pay be payable by Sublessee to Sublessor at the Mailing Address of Sublessor set forth in advance to CORNERS REALTY CORPORATION, INC., P. O. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇, Section 1.1 (or at such other place as Landlord Sublessor may from time to time designate by notice to Sublessee). The parties acknowledge and agree that the obligations owing by Sublessee under this Section are rent reserved under this Sublease, for all purposes hereunder, and are rent reserved within the meaning of Section 502(b)(6) of the Bankruptcy Code or any successor provisions thereto. 6.1.2 Rent shall designate in writing, promptly, without notice, demand, offset or deductionbe payable, in lawful money of the United States of America on the first day of each calendar month during the Term: (i) the Base Rent as set forth in Paragraph 1(1) in equal installments in advance of the first day of each calendar month of the Term; and (ii) the additional rent ("Additional Rent") consisting of all other sums of money as shall become due from and be payable by Tenant under this Lease includingadvance, but not limited to, those described in Subparagraph 3(b) below (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Base Rent). If the Term commences on a day other than the first day of a month, or terminates on a day other than the last day of a month, the Base Rent for the first and last partial month shall be prorated based upon the actual number of days leased in such month. (b) Beginning June 1, 2003, Tenant shall pay to Landlord, as Additional Rent, at the same time as the monthly installment of Base Rent is paid, an amount equal to one-twelfth (1/12th) of Landlord's estimate (as determined by Landlord in its sole discretion) of Tenant's Share of ay projected increase in Operating Expenses for the particular calendar year in excess of the operating Expense Base (the "Estimated Escalation Increase"). If, for any reason, Landlord has not provided Tenant with an Estimated Escalation Increase Statement ("Estimated Escalation Increase Statement") on or before the first day of any year during the Term, then, (i1st) until the first day of the calendar month following the month in which Tenant is given the Estimated Escalation Increase Statement, Tenant shall continue to pay to Landlord on the first day of each and every calendar month the sum, if any, payable by Tenant under this Paragraph for the month of December of the preceding year. Within nine (9) months after January 1 of each year during the Termterm of this Sublease, or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for the preceding year and the actual amount of Tenant's Share of any increase in Operating Expenses in excess of the operating Expense Base ("Revised Escalation Statement"). Thereafter, Landlord shall be entitled, if circumstances warrant, to issue revised, corrected or supplemental statements at any time and from time to time following the issuance of the initial statement. Within ten (10) days after Landlord's delivery of such Revised Escalation Statement, Tenant shall make a lump sum payment to Landlord in the amount, if any, by which Tenant's Share of the increase in the Operating Expenses for the preceding calendar year in excess of the Operating Expense Base, as shown on such Revised Escalation Statement, exceeds the aggregate of the monthly installments of Tenant's payments of the Estimated Escalation Increase paid during such preceding year. If Tenant's Share of the actual increase in operating Expenses, as shown on such Revised Escalation Statement, is less than the aggregate of the monthly installments of the Estimated Escalation Increase actually paid by Tenant during such preceding year, then Landlord shall apply such amount to the next accruing installments of Additional Rent due from Tenant under this Paragraph 3 until fully credited to Tenant. Landlord's rendering or failure to render any Revised Escalation Statement with respect to any calendar year shall not prejudice Landlord's right thereafter to render a Revised Escalation Statement. Any Revised Escalation Statement shall be conclusively binding upon Tenant unless Tenant shall send written notice to Landlord objecting to and specifying, to the extent reasonably practicable, the respects in which the Revised Escalation Statement is disputedSublessee’s Utility Costs or Sublessor’s Operating Expenses, within thirty (30) days after Sublessee’s receipt of an invoice therefor. Promptly after Sublessor and Prime Lessor have made the appropriate adjustments between themselves on account of such Revised Escalation Statement is sent. Pending the resolution of any dispute concerning a Revised Escalation Statement, Tenant shall pay to Landlord the amounts shown on the Revised Escalation Statement when due. (c) For the purposes of this Lease, the term "Operating Expenses" shall mean all actual operating expenses and disbursements of every kind (subject to the limitations set forth below) which Landlord incurs, pays or becomes obligated to pay in connection with the ownership, operation and maintenance of the Building and the Park, determined in accordance with generally accepted accounting principles consistently applied, including but not limited to the following: (i) wages and salaries of all employees engaged in the operation, repair, replacement, maintenance and security of the Building, including taxes, insurance, bonuses, pension and benefits relating thereto; (ii) Social Security, unemployment and other payroll real estate taxes, the cost of providing disability and worker's compensation coverage imposed amounts paid by any requirement, union contract or otherwise Sublessee as Sublessee’s Sublease Share of such employees; estimated installments (iiias set forth in Section 1.1) all supplies shall be adjusted between Sublessor and materials whether purchased Sublessee. The parties’ obligations hereunder to make such adjustments shall survive the expiration or rentedtermination of this Sublease. Notwithstanding anything in this Section 6.1.2 to the contrary, used in the operation, maintenance, repair, replacement and security of the Building, excluding supplies and materials used in the upfit allowance granted event that Sublessor receives from Prime Lessor written demand for any owed Taxes or Operating Expenses pursuant to Tenant in Subparagraph 1(s) above; (iv) all expenditures, whether by purchase or lease, made for the Building or Park for the intended purpose of (A) making the building or Park more energy efficient, Sections (B) reducing Operating Expenses, and (C) enhancing the health, safety or welfare of Article V of the tenants, (D) improving telecommunications, (E) ensuring that no Building System is interrupted by the year 2000 data processing issue, or (F) complying with all applicable laws, rules, ordinances and codes as may be promulgated by any governmental authority enacted after the date of this Prime Lease, the total cost Sublessee shall pay Sublessee’s Sublease Share thereof within fifteen (15) days of which is not generally includable in Operating Expenses written demand by Sublessor. 6.1.3 Rent for the operating year in which they were made shall nevertheless be included in such Operating Expenses for the operating year in which it was made and in Operating Expenses for each succeeding operating year, and such annual expense any partial month shall be determined paid by dividing the original capital expenditure, plus an interest factor computed at the Applicable Rate (as defined below) in effect as the time Landlord made the expenditure, by the number of years of useful life of the expenditure (the useful life being determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of such expenditure); (v) all gas, oil, steam, electricity, water, sewer rental, HVAC and other utilities, other than the cost of utilities directly reimbursed Sublessee to Landlord (i.e., through submeters or comparable devices) by the Building's tenants; (vi) all insurance costs (including deductibles) applicable to the Park and Landlord's personal property used in connection therewith, including but not limited to casualty, liability, workers' compensation and rent insurance; (vii) all taxes and assessments and governmental charges whether federal, state, county or municipal, and whether they be by taxing or management districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes and assessments attributable to the Building, equipment and facilities, Land and Common Areas of the Park (or their operation), excluding, however, federal and state taxes Sublessor on income (collectively, "Taxes"), and all expenses, including fees and disbursements incurred by Landlord in contesting the validity or amount of Taxes or in obtaining a refund of Taxes shall bepro rata basis.

Appears in 1 contract

Sources: Sublease (Bluebird Bio, Inc.)

Base Rent; Additional Rent. (a) Except as specifically provided below, Tenant shall pay in advance to CORNERS REALTY CORPORATIONNorth Atlanta Realty Acquisition Company, INC.Inc., Collection Account, c/o Insignia/ESG, Inc., P. O. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, or at such other place as Landlord shall designate in writing, promptly, without notice, demand, offset or deduction, in lawful money of the United States of America America, at Landlord's address for payments as set forth in Paragraph 25 hereof, or at such other place as Landlord shall designate in writing from time to time: (i) the Base Rent, in equal monthly installments in advance on the first day of each calendar month during the Term: (i) the Base Rent as set forth in Paragraph 1(1) in equal installments in advance of the first day of each calendar month of the Term; and (ii) the additional rent consisting of those sums of money due and payable, if any, by Tenant under Paragraph 3(b) and elsewhere under this Lease ("Additional Rent") consisting of all other sums of money as shall become due from and be payable by Tenant under this Lease including, but not limited to, those described in Subparagraph 3(b) below (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Base Rent). If either the Term commences Commencement Date or the Expiration Date falls on a day date other than the first day of a month, or terminates on a day other than the last day of a calendar month, the Base Rent for the first and last partial month shall be prorated on 3 a per diem basis based upon the actual number of days leased in such month. . (b) Beginning June 1, 2003, Tenant shall pay to Landlord, as Additional Rent, at the same time as the monthly installment of Base Rent is paid, an amount equal to one-twelfth (1/12th) of Landlord's estimate (as determined by Landlord in its sole discretion) of Tenant's Share of ay any projected increase in Operating Expenses for the particular calendar year in excess of the operating Operating Expense Base (the "Estimated Escalation Increase"). If, for any reason, Landlord has not provided Tenant with an Estimated Escalation Increase Statement ("Estimated Escalation Increase Statement") on or before the first day of any year during the Term, then, (i) until the first day of the calendar month following the month in which Tenant is given the Estimated Escalation Increase Statement, Tenant shall continue to pay to Landlord on the first day of each calendar month the sum, if any, payable by Tenant under this Paragraph for the month of December of the preceding year. Within nine (9) months after January 1 of each year during the Term, or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for the preceding year and the actual amount of Tenant's Share of any increase in Operating Expenses in excess of the operating Operating Expense Base ("Revised Escalation Statement"). Thereafter, Landlord shall be entitled, if circumstances warrant, to issue revised, corrected or supplemental statements at any time and from time to time following the issuance of the initial statementEstimated Escalation Increase Statement. Within ten (10) days after Landlord's delivery of such Revised Escalation Statement, Tenant shall make a lump sum payment to Landlord in the amount, if any, by which Tenant's Share of the increase in the Operating Expenses for the preceding calendar year in excess of the Operating Expense Base, as shown on such Revised Escalation Statement, exceeds the aggregate of the monthly installments of Tenant's payments of the Estimated Escalation Increase paid during such preceding year. If Tenant's Share of the actual increase in operating Operating Expenses, as shown on such Revised Escalation Statement, is less than the aggregate of the monthly installments of the Estimated Escalation Increase actually paid by Tenant during such preceding year, then Landlord shall apply such amount to the next accruing installments of Additional Rent due from Tenant under this Paragraph 3 until fully credited to Tenant. Landlord's rendering or failure to render any Revised Escalation Statement with respect to any calendar year shall not prejudice Landlord's right thereafter to render a Revised Escalation Statement. Any Revised Escalation Statement shall be conclusively binding upon Tenant unless Tenant shall send written notice to Landlord objecting to and specifying, to the extent reasonably practicable, the respects in which the Revised Escalation Statement is disputed, disputed within thirty (30) days after such Revised Escalation Statement is sentsent in the manner described in Subparagraph 3(i) below. Pending the resolution of any dispute concerning a Revised Escalation Statement, Tenant shall pay to Landlord the amounts shown on the Revised Escalation Statement when due. (c) For the purposes of this Lease, the term "Operating Expenses" shall mean all expenses and disbursements of every kind (subject to the limitations set forth below) which Landlord incurs, pays or becomes obligated to pay in connection with the ownership, operation and maintenance of the Building and the Park, determined in accordance with generally accepted accounting principles consistently applied, including but not limited to the following: (i) wages and salaries of all employees engaged in the operation, repair, replacement, maintenance and security of the Building, including taxes, insurance, bonuses, pension and benefits relating thereto; (ii) Social Security, unemployment and other payroll taxes, the cost of providing disability and worker's compensation coverage imposed by any requirement, union contract or otherwise of such employees; (iii) all supplies and materials whether purchased or rented, used in the operation, maintenance, repair, replacement and security of the Building, excluding supplies and materials used in the upfit allowance granted to Tenant in Subparagraph 1(s) above; (iv) all expenditures, whether by purchase or lease, made for the Building or Park for the intended purpose of (A) making the building or Park more energy efficient, (B) reducing Operating Expenses, (C) enhancing the health, safety or welfare of the tenants, (D) improving telecommunications, (E) ensuring that no Building System is interrupted by the year 2000 data processing issue, or (F) complying with all applicable laws, rules, ordinances and codes as may be promulgated by any governmental authority enacted after the date of this Lease, the total cost of which is not generally includable in Operating Expenses for the operating year in which they were made shall nevertheless be included in such Operating Expenses for the operating year in which it was made and in Operating Expenses for each succeeding operating year, and such annual expense shall be determined by dividing the original capital expenditure, plus an interest factor computed at the Applicable Rate (as defined below) in effect as the time Landlord made the expenditure, by the number of years of useful life of the expenditure (the useful life being determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of such expenditure); (v) all gas, oil, steam, electricity, water, sewer rental, HVAC and other utilities, other than the cost of utilities directly reimbursed to Landlord (i.e., through submeters or comparable devices) by the Building's tenants; (vi) all insurance costs (including deductibles) applicable to the Park and Landlord's personal property used in connection therewith, including but not limited to casualty, liability, workers' compensation and rent insurance; (vii) all taxes and assessments and governmental charges whether federal, state, county or municipal, and whether they be by taxing or management districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes and assessments attributable to the Building, equipment and facilities, Land and Common Areas of the Park (or their operation), excluding, however, federal and state taxes on income (collectively, "Taxes"), and all expenses, including fees and disbursements incurred by Landlord in contesting the validity or amount of Taxes or in obtaining a refund of Taxes shall be

Appears in 1 contract

Sources: Lease Agreement (Intacta Technologies Inc)

Base Rent; Additional Rent. 6.1.1 The Base Rent and Additional Rent specified in Section 1.1 hereof (a) Tenant collectively, the “Rent”), and any additional rent or other charges payable pursuant to this Sublease shall pay be payable by Sublessee to Sublessor at the Mailing Address of Sublessor set forth in advance to CORNERS REALTY CORPORATION, INC., P. O. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇, Section 1.1 (or at such other place as Landlord shall Sublessor may from time to time designate in writing, promptly, without notice, demand, offset or deduction, in lawful money of the United States of America on the first day of each calendar month during the Term: (i) the Base by notice to Sublessee). Additional Rent as set forth in Paragraph 1(1) in equal installments in advance of the first day of each calendar month of the Term; and (ii) the additional rent ("Additional Rent") consisting of all other sums of money as shall become due from and will be payable by Tenant under this Lease including, but not limited to, those described in Subparagraph 3(b) below (for default in the payment of which Landlord shall have the same remedies as for a default in the payment of Base Rent). If the Term commences on a day other than the first day of a month, or terminates on a day other than the last day of a month, the Base Rent for the first and last partial month shall be prorated based upon the actual number of days leased in such month. (b) Beginning June 1, 2003, Tenant shall pay to Landlord, as Additional Rent, at the same time as the monthly installment corresponding Additional Rent payments under the Prime Lease. Sublessor will provide copies of Base Rent is paidany statements received from Prime Lessor relating to any of Building Taxes, an amount equal to one-twelfth (1/12thBuilding Insurance Costs, and Building Operating Costs or Project Taxes, Project Insurance Costs and Project Operating Costs, and will request additional information from Prime Lessor in support of such statements if reasonably requested by Sublessee. The parties acknowledge and agree that the obligations owing by Sublessee under this Section are rent reserved under this Sublease, for all purposes hereunder, and are rent reserved within the meaning of Section 502(b)(6) of Landlord's estimate (as determined by Landlord the Bankruptcy Code or any successor provisions thereto. 6.1.2 Rent shall be payable, in its sole discretion) of Tenant's Share of ay projected increase in Operating Expenses for the particular calendar year in excess of the operating Expense Base (the "Estimated Escalation Increase"). Ifadvance, for any reason, Landlord has not provided Tenant with an Estimated Escalation Increase Statement ("Estimated Escalation Increase Statement") on or before the first day of any year during the Term, then, (i1st) until the first day of the calendar month following the month in which Tenant is given the Estimated Escalation Increase Statement, Tenant shall continue to pay to Landlord on the first day of each and every calendar month during the sumterm of this Sublease; provided that Sublessee, if anynot more than once per any twelve (12) month period, payable by Tenant will not be in default under this Paragraph Sublease unless it fails to make any Rent payment for the month of December of the preceding year. Within nine more than three (9) months after January 1 of each year during the Term, or as soon thereafter as is practicable, Landlord shall furnish Tenant with a statement of the actual Operating Expenses for the preceding year and the actual amount of Tenant's Share of any increase in Operating Expenses in excess of the operating Expense Base ("Revised Escalation Statement"). Thereafter, Landlord shall be entitled, if circumstances warrant, to issue revised, corrected or supplemental statements at any time and from time to time following the issuance of the initial statement. Within ten (103) days after Landlord's delivery it receives written notice that any payment of Rent is past due. Promptly (but in no event more than thirty (30) days) after Sublessor and Prime Lessor have made the appropriate adjustments between themselves on account of such Revised Escalation Statementactual operating expenses and real estate taxes, Tenant the amounts paid by Sublessee as Sublessee’s Share of such estimated installments (as set forth in Section 1.1) shall be adjusted between Sublessor and Sublessee. The parties’ obligations hereunder to make a lump sum payment such adjustments shall survive the expiration or termination of this Sublease. Notwithstanding anything in this Section 6.1.2 to Landlord the contrary, in the amountevent that Sublessor receives from Prime Lessor written demand for any owed Project Taxes, if anyProject Insurance Costs, by which Tenant's Share Project Operating Costs, Building Taxes, Building Insurance Costs, or Building Operating Costs pursuant to Article IV of the increase in the Operating Expenses for the preceding calendar year in excess of the Operating Expense BasePrime Lease, as shown on such Revised Escalation Statement, exceeds the aggregate of the monthly installments of Tenant's payments of the Estimated Escalation Increase paid during such preceding year. If Tenant's Sublessee shall pay Sublessee’s Share of the actual increase in operating Expenses, as shown on such Revised Escalation Statement, is less than the aggregate of the monthly installments of the Estimated Escalation Increase actually paid by Tenant during such preceding year, then Landlord shall apply such amount to the next accruing installments of Additional Rent due from Tenant under this Paragraph 3 until fully credited to Tenant. Landlord's rendering or failure to render any Revised Escalation Statement with respect to any calendar year shall not prejudice Landlord's right thereafter to render a Revised Escalation Statement. Any Revised Escalation Statement shall be conclusively binding upon Tenant unless Tenant shall send written notice to Landlord objecting to and specifying, to the extent reasonably practicable, the respects in which the Revised Escalation Statement is disputed, thereof within thirty (30) days after such Revised Escalation Statement is sent. Pending the resolution of any dispute concerning a Revised Escalation Statement, Tenant shall pay to Landlord the amounts shown on the Revised Escalation Statement when duewritten demand by Sublessor. (c) For 6.1.3 Rent for any partial month shall be paid by Sublessee to Sublessor on a pro rata basis. 6.1.4 Except as expressly provided in this Sublease, all Rent and other amounts due under this Sublease shall be made without demand, offset or deduction. Sublessee shall be entitled to a fair and equitable share of all rent abatements set forth in the purposes of this Prime Lease, the term "Operating Expenses" shall mean all expenses and disbursements of every kind (subject if any, which Sublessor has been granted with respect to the limitations set forth below) which Landlord incurs, pays or becomes obligated to pay in connection with the ownership, operation and maintenance of the Building and the Park, determined in accordance with generally accepted accounting principles consistently applied, including but not limited to the following: (i) wages and salaries of all employees engaged in the operation, repair, replacement, maintenance and security of the Building, including taxes, insurance, bonuses, pension and benefits relating thereto; (ii) Social Security, unemployment and other payroll taxes, the cost of providing disability and worker's compensation coverage imposed by any requirement, union contract or otherwise of such employees; (iii) all supplies and materials whether purchased or rented, used in the operation, maintenance, repair, replacement and security of the Building, excluding supplies and materials used in the upfit allowance granted to Tenant in Subparagraph 1(s) above; (iv) all expenditures, whether by purchase or lease, made for the Building or Park for the intended purpose of (A) making the building or Park more energy efficient, (B) reducing Operating Expenses, (C) enhancing the health, safety or welfare of the tenants, (D) improving telecommunications, (E) ensuring that no Building System is interrupted by the year 2000 data processing issue, or (F) complying with all applicable laws, rules, ordinances and codes as may be promulgated by any governmental authority enacted after the date of this Lease, the total cost of which is not generally includable in Operating Expenses for the operating year in which they were made shall nevertheless be included in such Operating Expenses for the operating year in which it was made and in Operating Expenses for each succeeding operating year, and such annual expense shall be determined by dividing the original capital expenditure, plus an interest factor computed at the Applicable Rate (as defined below) in effect as the time Landlord made the expenditure, by the number of years of useful life of the expenditure (the useful life being determined by Landlord in accordance with generally accepted accounting principles and practices in effect at the time of such expenditure); (v) all gas, oil, steam, electricity, water, sewer rental, HVAC and other utilities, other than the cost of utilities directly reimbursed to Landlord (i.e., through submeters or comparable devices) by the Building's tenants; (vi) all insurance costs (including deductibles) applicable to the Park and Landlord's personal property used in connection therewith, including but not limited to casualty, liability, workers' compensation and rent insurance; (vii) all taxes and assessments and governmental charges whether federal, state, county or municipal, and whether they be by taxing or management districts or authorities presently taxing or by others, subsequently created or otherwise, and any other taxes and assessments attributable to the Building, equipment and facilities, Land and Common Areas of the Park (or their operation), excluding, however, federal and state taxes on income (collectively, "Taxes"), and all expenses, including fees and disbursements incurred by Landlord in contesting the validity or amount of Taxes or in obtaining a refund of Taxes shall bePremises.

Appears in 1 contract

Sources: Sublease (Genocea Biosciences, Inc.)